Failed Bank Information
Information for Dollar Savings Bank, Newark, NJ, Closing Information
- Press Release
- Insured Deposits
- Priority of Claims
- Dividend Information
- Receivership Termination
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On February 14, 2004, Dollar Savings Bank, Newark, NJ was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership estate is deemed terminated.
II. Press Release
The FDIC has issued a press release about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Elizabeth Ford at 202-898-6993.
III. Insured Deposits
All accounts at Dollar Savings Bank were closed as of February 14, 2004.
Because the FDIC was unable to arrange a transfer of the deposits of Dollar Savings Bank to another financial institution, checks for the insured portion of deposit accounts were mailed to depositor addresses shown on the books and records of the failed institution.
VIII. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
IX. Dividend Information
The FDIC, as Receiver for Dollar Savings Bank, Newark, NJ has taken
all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in The Star-Ledger, Newark, NJ on March 10, 2006.
The Receiver has made all dividend distributions required by law.
Effective December 19, 2006, the Receivership Estate has been terminated, the Receiver was discharged, and the Receivership Estate ceased existence as a legal entity.